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Question
Tomas and Saturn are partners who share income in the ratio of 3:1 (3/4 to Tomas and 1/4 to Saturn). Their capital balances are $80,000 and $120,000, respectively. The partnership generated net income of $30,000. What is Tomas’s capital balance after closing the revenue and expense accounts to the capital accounts?
a. $102,500
b. $22,500
c. $57,500
d. $127,500
Answer
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